Infibeam IPO: ICICI Securities, Kotak Mahindra Cap exit

While Infibeam did not disclose any reason for ICICI Securities and Kotak Mahindra Capital's withdrawal, reports suggested this has happened over differences about pricing and timing of the IPO.PTI | March 19, 2016, 08:44 IST

There were no comments from the company in this regard.NEW DELHI: Ahead of Infibeam Incorporation's IPO early next week, two bankers -- ICICI Securities and Kotak Mahindra Capital -- have exited from the public issue of the online shopping portal.

While the company did not disclose any reason for their withdrawal, reports suggested this has happened over differences about pricing and timing of the IPO, the first ever by any e-commerce company in India.

There were no comments from the company in this regard.

The draft red herring prospectus with respect to the issue was filed on June 30, 2015 with SBI Capital Markets, ICICI Securities and Kotak Mahindra Capital Company as the global co-ordinators and book running lead managers and Elara Capital (India) Private Limited as the book running lead manager.

Sachin Bansal, Binny Bansal, sales director Hari, accounts managers Sumit Anand and Sharauque among other employees have been named in the FIR registered on the basis of a complaint lodged by Naveen Kumar, owner of Indiranagar-based C-Store Company.